Merit Medical Systems (NASDAQ:MMSI) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Merit Medical Systems (NASDAQ:MMSI) released its quarterly earnings data on Tuesday. The medical instruments supplier reported $0.77 EPS for the quarter, beating the consensus estimate of $0.71 by $0.06, Briefing.com reports. Merit Medical Systems had a return on equity of 15.02% and a net margin of 7.94%. The company had revenue of $323.51 million for the quarter, compared to analysts’ expectations of $315.57 million. During the same period last year, the firm posted $0.64 earnings per share. Merit Medical Systems’s revenue was up 8.7% compared to the same quarter last year. Merit Medical Systems updated its FY24 guidance to $3.28 to $3.35 EPS and its FY 2024 guidance to 3.280-3.350 EPS.

Merit Medical Systems Price Performance

MMSI opened at $77.02 on Friday. The business has a fifty day moving average of $74.20 and a 200 day moving average of $74.01. Merit Medical Systems has a 52-week low of $62.58 and a 52-week high of $85.62. The company has a quick ratio of 3.95, a current ratio of 6.03 and a debt-to-equity ratio of 0.65. The stock has a market cap of $4.48 billion, a P/E ratio of 44.26, a PEG ratio of 2.14 and a beta of 0.91.

Insider Activity at Merit Medical Systems

In related news, insider Joseph Wright sold 25,000 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $75.68, for a total transaction of $1,892,000.00. Following the completion of the transaction, the insider now owns 42,223 shares in the company, valued at approximately $3,195,436.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Merit Medical Systems news, insider Joseph Wright sold 25,000 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $75.68, for a total value of $1,892,000.00. Following the completion of the sale, the insider now directly owns 42,223 shares in the company, valued at approximately $3,195,436.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Raul Jr. Parra sold 6,480 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $73.95, for a total value of $479,196.00. Following the completion of the sale, the chief financial officer now owns 12,007 shares of the company’s stock, valued at $887,917.65. The disclosure for this sale can be found here. Insiders sold a total of 49,637 shares of company stock worth $3,751,673 in the last quarter. 3.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Needham & Company LLC dropped their target price on Merit Medical Systems from $88.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday. Oppenheimer lifted their price objective on Merit Medical Systems from $82.00 to $87.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Barrington Research lifted their price objective on Merit Medical Systems from $98.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday. StockNews.com raised Merit Medical Systems from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, CL King started coverage on Merit Medical Systems in a research note on Thursday, April 11th. They set a “buy” rating and a $88.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Merit Medical Systems currently has an average rating of “Moderate Buy” and a consensus price target of $92.78.

About Merit Medical Systems

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.